Many of us budget for our car, entertainment, home, insurance, holiday, utilities, and spending expenses… but how many landlords have budgeted for their investment property expenses?
Not just repairs and maintenance, but improvements and renovations on the big items that wear out and depreciate over time…
An investment property is just like a car. A car needs a regular service, oil change, replacement of spark plugs or a battery and attention to cleaning inside and out.
Then there are those big items that we don’t like investing in such as the replacement of tyres, an alternator, brake pads or the engine. An investment property is no different.
Approximately every eight to ten years you should budget to replace the floor and window coverings, paint internally and improve kitchens and bathrooms if needed.
We understand that this can be a great expense for the average landlord who is not a huge corporation with overflowing banks accounts.
However, it is an area that needs to be factored into your budgeting. We encourage all of our landlords to take a moment to complete the below budget.